Facebook Instagram Linkedin Twitter Website
Home Blog Page 54

Doctolib suspends 17 profiles linked to naturopath Irène Grosjean, accused of touching minors

By
IHR Magazine
-
0

 

The Doctolib site announced on Monday, August 22 the suspension of 17 profiles of practitioners linked to Irène Grosjean, the figure of naturopathy in France. The controversy comes following the broadcast of a video in which the influential 92-year-old practitioner, at the head of millions of views on YouTube, promotes sexual touching to treat young children.

In the extract relayed on Twitter by the collective “L’Extracteur”, Irène Grosjean recommends “Louis Kuhne’s friction sitz bath” to treat a girl or a baby suffering from fever.

“At first he [l’enfant] won’t agree”, can be heard in the video. ” You have to sit the child on a basin, and you’re going to put ice cubes in it, ice water, very cold, and with a washcloth, rub your lips, and obviously you’re going to touch the clitoris, which will stimulate the sympathetic system and strengthen it” until the child falls asleep, continues Irène Grosjean.

“I check everything, then I screen and I share”: this is how anti-vax get information

In the same video, the autodidact recommends a similar method in the treatment of baby boys, while ensuring that after “Ten minutes, the fever no longer exists. »

The sharing of the excerpt aroused the anger of many Internet users, who immediately called on Doctolib to confront the platform with its responsibilities as a regulator. For several days, Doctolib has already been in turmoil to hosting the profile of many naturopaths: on Friday, the company defended itself in several tweets, explaining that “for clear information, the practitioners’ pages [naturopathes] bear several times, and from the top of the page, the words “This practitioner exercises an unregulated profession”.

“On this subject, society is changing and, for example, certain patient associations are promoting access to complementary therapies. We consider that it is not the role of Doctolib to settle these debates. »

Groups Call for Organic Action to Implement Climate Solutions under Historic U.S Federal Law

By
IHR Magazine
-
0

 

The Inflation Reduction Act (IRA) is, as President Biden claims, “The single most aggressive action the U.S. is taking to tackle the climate crisis and create clean energy solutions in American history.” However, that is a low bar to clear. There is much more required to meet the President’s climate goals and much is needed to ensure that the IRA is implemented in a way that helps farmers, fenceline communities, and biodiversity. As stated by Collin O’Mara, president and CEO of the National Wildlife Federation, “President Biden and his administration should take this moment not only to celebrate but also to recommit and refocus on addressing the environmental injustice and wildlife crises.” For more in-depth coverage, Beyond Pesticides’ Daily News.

Tell President Biden that funds in the Inflation Reduction Act must meet the need for a transformative moment to address the existential health (including environmental justice), biodiversity, and climate crises and shift society to organic practices by eliminating fossil fuel-based pesticides and fertilizers; and that further steps are needed to reach critical and urgent goals.

We cannot meet climate goals while maintaining dependence on fossil fuels. Eliminating that dependence requires more than a shift from gas-powered vehicles to electric vehicles, shifting from oil- and gas-generated electricity to wind and solar generation, or adopting quick fixes like carbon capture. It requires us to think of systems differently. Conserving energy by reducing consumption, eliminating planned obsolescence in products, better urban planning, and improving agricultural systems are as important as producing power differently.

Organic agriculture, with its elimination of chemical fertilizers and reduced dependence on fossil fuels, is an example of an improved system. Organic producers are required to create and act upon an organic system plan that maximizes biological diversity and minimizes adverse environmental impacts. Organic farming increases the sequestration of carbon in the soil. Provisions in the IRA that enhance the success of organic farmers and encourage the transition to organic farming to promote a climate-friendly system.

The organic system should be applied to all land management. Organic farming and land management not only help meet climate goals but also reduce the impacts of hazardous chemicals and resource extraction on fenceline communities and ecosystems, making it responsive to environmental justice threats.

As monies are expended under this legislation, the government must prioritize programs that attack the existential crises associated with pesticide threats, including health, biodiversity, and climate. This mandate must come from the White House and ensure that all funds first and foremost affect a transformative change necessary to meet the current looming crises. To this end, 100% of funds dedicated to conservation (Conservation Stewardship Program and all other affected agricultural programs), environmental quality incentives program (EQIP), environmental justice, and other related programs, must go to organic transition that eliminates toxic pesticides and fossil fuel-based chemicals and fertilizers.

Experts have now identified the current climate emergency, a health emergency, and an ecological emergency. Advocates are calling on President Biden to heed calls to declare a climate emergency and initiate creative, systemic solutions to existential threats to human life and life on Earth.

Tell President Biden that funds in the Inflation Reduction Act must meet the need for a transformative moment to address the existential health (including environmental justice), biodiversity, and climate crises and shift society to organic practices by eliminating fossil fuel-based pesticides and fertilizers; and that further steps are needed to reach critical and urgent goals.

Members of U.S. Congress

Congratulations! The Inflation Reduction Act (IRA) passed, “the single most aggressive action the U.S. is taking to tackle the climate crisis and create clean energy solutions in American history.” However, that is a low bar to clear. There is much more required to meet our climate goals, and much is needed to ensure that the IRA is implemented in a way that helps farmers, fenceline communities, and biodiversity. As stated by Collin O’Mara, president and CEO of the National Wildlife Federation, “President Biden and his administration should take this moment not only to celebrate but also to recommit and refocus on addressing the environmental injustice and wildlife crises.”

We cannot meet climate goals while maintaining dependence on fossil fuels. Eliminating that dependence requires more than a shift from gas-powered vehicles to electric vehicles, shifting from oil- and gas-generated electricity to wind and solar generation, or adopting quick fixes like carbon capture. It requires us to think of systems differently. Conserving energy by reducing consumption, eliminating planned obsolescence in products, better urban planning, and improving agricultural systems are as important as producing power differently to meet the existential crises of the day.

Read more:

SNDL Announces Agreement to Acquire The Valens Company to Create Leading Vertically Integrated Cannabis Platform

By
IHR Magazine
-
0

 

SNDL Inc. and The Valens Company Inc. are pleased to announce that they have entered into an arrangement agreement to combine their businesses and create a leading vertically integrated cannabis platform. Pursuant to the terms of the Agreement, SNDL will acquire all of the issued and outstanding common shares of Valens other than those owned by SNDL and its subsidiaries, by way of a statutory plan of arrangement. All financial information in this press release is reported in Canadian dollars unless otherwise indicated.
Under the terms of the Agreement, Valens’ shareholders will receive, for each Valens Share, 0.3334 of a common share of SNDL (the “Offer Exchange Ratio”). Based on the August 19, 2022 close of the SNDL shares on the Nasdaq Capital Market exchange (the “Nasdaq”), the consideration represents an implied value of $1.26 per Valens Share (the “Implied Offer Price”), for total consideration of approximately $138 million. The Implied Offer Price represents a premium of 10% based on a trailing 30-day volume-weighted average price (“VWAP”) of the Valens Shares, on the Toronto Stock Exchange (the “TSX”) up to August 19, 2022. For more information on the announcement, an investor presentation can be found at www.sndl.com and www.thevalenscompany.com.

With 555,500 square feet of cultivation and manufacturing space and 185 cannabis stores under the Spiritleaf and Value Buds banners, the combined company will offer a complete portfolio of branded products to consumers in Canada through its own supply and distribution channels. With approximately $314 million1 in net cash and no debt, SNDL will continue to have one of the strongest balance sheets in the North American regulated cannabis industry. SNDL will also have the highest pro forma Canadian cannabis revenue on a last fiscal quarter annualized basis. The combined company will operate as SNDL Inc., and Valens shareholders will own approximately 9.5% of the pro forma entity.

Key Transaction Highlights
Creates a dominant vertically integrated entity in Canada: Through the combination of a diverse portfolio of brands, an extensive retail footprint, low-cost biomass sourcing, premium indoor cultivation and low-cost manufacturing facilities, SNDL will become one of the largest adult-use cannabis manufacturers and retailers. With its retail insight and financial strength, SNDL will be able to adapt quickly to emerging consumer trends.
Enhances branded product offering with low-cost in-house manufacturing capabilities: By integrating Valens’ product suite into its portfolio, SNDL will increase its overall cannabis market share to 4.5% and its 2.0 product formats market share to 5.2%, becoming a top 10 player in both categories. As a result of Valens’ low-cost platform, SNDL will enhance its own product line while offering pricing flexibility to retail partners.

Increases optionality on biomass by pairing premium cultivation with low-cost procurement: Combining SNDL’s high-quality cannabis cultivation operations with Valens’ low-cost biomass procurement capabilities will enhance SNDL’s ability to offer a wide range of customized innovative products to meet its consumer’s desires.
Synergies through cost rationalization and operational efficiencies: The combination of SNDL and Valens is expected to deliver more than $10 million of annual cost synergies. Together with incremental revenues from greater distribution of Valens products, it is estimated that the Transaction will deliver upwards of $15 million of additional EBITDA on an annual run-rate basis through synergies and other strategic initiatives.
Valens shareholders to participate in and help create the future of SNDL: Valens shareholders are to receive SNDL common shares in an all-stock transaction. Beyond improved liquidity and better access to a large retail footprint, SNDL’s balance sheet strength provides a unique opportunity for Valens shareholders to participate in the creation of a leading vertically integrated Canadian cannabis company.
“This powerful combination will result in the creation of a dominant vertically integrated company, exceptionally well-suited to weather the current cannabis environment and become a leader in the Canadian regulated products sector,” said Zach George, Chief Executive Officer of SNDL. “SNDL’s existing consumer packaged cannabis business will be transformed by Valens’ high-quality extraction, processing, and manufacturing capabilities and aligns well with our strategic vision to delight consumers with a full range of quality cannabis products and experiences. Our companies have been commercial partners since Canadian legalization. I am excited by the strong cultural fit between our teams and humbled by the opportunity to work with Valens’ passionate and innovative leadership.”

“We are thrilled to bring together two best-in-class cannabis companies that have extremely complementary assets to create a true market leader. Valens is one of the fastest growing branded cannabis companies in Canada with a focus on innovation and investing in low-cost automated manufacturing assets,” said Tyler Robson, Chief Executive Officer of The Valens Company. “With SNDL’s exceptional balance sheet and largest cannabis retail network in Canada we look forward to taking Valens’ brands to new heights and unlocking 2.0 products for the SNDL platform. We believe the pro forma company provides investors with attractive exposure not only to the highest revenue generating cannabis company in Canada trading well under its tangible book value but also a dominant platform that can become a global leader in cannabis.”

Valens’ secured non-revolving term loan (the “Term Loan”) has been refinanced and upsized with an additional $14.3 million of incremental capital, thereby increasing the principal amount of the Term Loan to $60 million.

Transaction Details
The Transaction will be carried out by way of a court-approved plan of arrangement under the Canada Business Corporations Act, pursuant to which SNDL will acquire all of the issued and outstanding Valens Shares, other than those owned by SNDL and its subsidiaries. The implementation of the Transaction will be subject to the approval of at least two-thirds of the Valens Shares entitled to be voted by Valens shareholders and the approval of a simple majority of the Valens Shares entitled to be voted by Valens shareholders, other than Valens shareholders required to be excluded under applicable laws, at a special meeting expected to be convened by Valens by the end of November 2022 (the “Meeting”), and the receipt of applicable orders from the Ontario Superior Court of Justice and applicable regulatory approvals, including under the Competition Act (Canada) and the applicable provincial liquor and cannabis regulators. The Agreement provides for, among other things, customary support and non-solicitation covenants from Valens, including customary “fiduciary out” provisions that allow Valens to accept a superior proposal in certain circumstances and a five-business day “right to match period” in favour of SNDL. The Agreement also provides for the payment of a termination fee of $8 million payable to SNDL by Valens in the event the Transaction is terminated in certain specified circumstances. The transaction is expected to close during January 2023.

All directors and executive officers of Valens have entered into voting support agreements with SNDL pursuant to which, among other things, the parties have agreed to vote their Valens Shares in favour of the Transaction.

A full description of the Transaction will be set forth in the management information circular of Valens, which will be mailed to Valens shareholders in connection with the Meeting, and filed on the System for Electronic Document Analysis and Retrieval (SEDAR) under Valens profile at www.sedar.com and the Company’s Form 6-K, which will be furnished on EDGAR (www.sec.gov/edgar.shtml).

Valens Board Approval
Valens’ board of directors has unanimously approved the Transaction after receiving the unanimous recommendation of a special committee of Valens directors (the “Special Committee”). Valens’ board of directors has unanimously resolved to recommend that the shareholders of Valens vote in favour of the Transaction.

Cormark Securities Inc. has provided a fairness opinion to the Special Committee of Valens that, subject to the assumptions, limitations and qualifications set out in such fairness opinion, the consideration to be received by Valens shareholders pursuant to the Transaction is fair from a financial point of view to Valens’ shareholders.

Advisors
ATB Capital Markets Inc. is acting as a financial advisor to SNDL. McCarthy Tétrault LLP is acting as legal counsel to SNDL.

Cormark Securities Inc. is acting as financial advisor and Stikeman Elliott LLP is acting as legal counsel to Valens.

PLT Will Supply Traceable, Standardized Organic Elderberry Extract to North American Market

By
IHR Magazine
-
0

 

PLT Health Solutions, Inc announced that it will begin offering new elderberry extracts to the North American market. The PLT elderberry portfolio will include extracts standardized to 6% and 10% anthocyanins, offered in both standard and organic grades. Innovation partner Nektium Pharma (Las Palmas, Spain) has secured long-term supply agreements with black elderberry (Sambucus nigra) growers in Central Europe and will extract the finished products at its state-of-the-art facilities in the Canary Islands. Quality for these ingredients is assured by a per-batch testing program including fingerprint analysis for identification and quantification of anthocyanins, DNA sequential barcoding for authenticity, and analysis for adulteration using the MALDI TOF technique, and standardization of biomarkers. As non-GMO-certified, gluten- and additive-free powders, these elderberry extracts are available immediately.

According to Steve Fink, Vice President of Marketing for PLT Health Solutions, the new elderberry portfolio was developed as a solution to industry problems that occurred when demand for this ingredient skyrocketed during the pandemic. “As often happens with plant-based materials when demand spikes rapidly, there was a shortage of elderberry materials and a proliferation of sub-standard and adulterated products entering the market.  All of us have read headlines of inferior elderberry offerings in the media,” he said “It has long been the mission of PLT Health Solutions to address industry pain points and to solve problems. With this line of traceable, standardized and lab-tested elderberry extracts, we believe PLT and Nektium have done that.” Our organic offering adds additional value and can help our customers differentiate their products in the marketplace,” he added.

Traditional Immune Support, Modern Quality
Black elderberry has a long tradition of use for immune support. The berries are high in flavonoids, such as quercetin and rutin, with anthocyanins arguably the most important. Anthocyanins impart the characteristic purple colour to the berries, as well as much of the bio-efficacy in terms of antioxidant activity, balancing inflammation metabolism, and supporting immune function.

Elderberry modulates immune function by multiple mechanisms, including activation of phagocytes, supporting non-specific immune response, and promoting immune defence. The material supplied by PLT is based on the Haschberg cultivar of Sambucus nigra, which contains a high level of naturally-occurring anthocyanins.

According to Dr. Jeremy Appleton, Director of Medical and Scientific Affairs for PLT, the company’s new elderberry extract portfolio offers consumer companies excellent product development and messaging opportunities. “Elderberry and its constituent anthocyanins have been extensively researched. These new products are both more concentrated than many other elderberry ingredients on the market today and of higher quality, offering formulators the ability to create more effective products while building trust with consumers and delivering greater value.”

A Former Supermarket will become a State-of-the-Art Fitness Center

By
IHR Magazine
-
0

 

Crunch Franchise announces the expansion in Texas with the Grand Opening of Crunch Laredo, a $5 million, a 40,000-square-foot fitness facility in the heart of Laredo. Crunch Fitness will be located in a newly renovated space at 4601 San Dario Ave, previously occupied by SteinMart. The facility will be open 24 hours.

Crunch Fitness held their The One Day Only Presale yesterday, Thursday, Aug 11 where prospective members toured the club for the first time, met the trainers and enrolled at discounted rates beginning at $9.99 per month. Founding members received a presale rate of $1 down and 1 month free, in addition to free t-shirts, discounts on small group and personal training, and more. The presale offer was extended through the weekend. The club is slated to open for workouts the last week of August.

Fusing fitness with entertainment to make serious exercise fun, Crunch Laredo will offer top-quality cardio equipment and strength training equipment, circuit training, personal training, a functional training area with multiple indoor turf areas, a dedicated group fitness studio, a dedicated ride studio, Kids Crunch, HydroMassage® beds, and high-end tanning. Members looking for assistance reaching their goals will have access to staff of highly experienced Personal Trainers.

Crunch Fitness Laredo is owned by Fitness Ventures, LLC, the fastest growing franchisee in the Crunch system, and owns locations throughout the U.S. “We are excited to bring the Crunch brand to Laredo,” stated CEO Brian Hibbard. “Crunch is for everyone, from the first-time gym-goer to the seasoned athlete. Add in a high-energy and fun environment, and we have options to meet everyone’s goals and budget!”

Cyanotech Reports Financial Results for the First Quarter of Fiscal 2023

By
IHR Magazine
-
0

 

Cyanotech Corporation a world leader in microalgae-based, high-value nutrition and health dietary supplement products, announced financial results for the first quarter of fiscal year 2023, ended June 30, 2022.

Commenting on the first quarter fiscal 2023 results, Cyanotech’s President and Chief Executive Officer, Matthew K. Custer, said: “The disappointing results in the first quarter were driven primarily by the $2.2 million decrease in sales and a higher cost per kilo of astaxanthin. Lower sales in the quarter related to timing of shipments to a Nutrex customer as we transitioned to their selling platform in the prior year, as well as a decrease in bulk spirulina sales. The increase in cost for astaxanthin was driven by lower production in the first quarter due to staff shortages. Production levels normalized late in the first quarter.”

First Quarter Fiscal 2022
Cyanotech reported net sales of $6,716,000 for the first quarter of fiscal 2023 compared to $8,964,000 for the first quarter of fiscal 2022, a decrease of 25.1%. Gross profit was $2,318,000, with gross profit margin of 34.5%, compared to gross profit of $3,672,000, with gross profit margin of 41.0%. Operating loss for the first quarter of fiscal 2023 was $425,000 compared to operating income of $619,000 in the same period of the prior year. Net loss for the current fiscal quarter was $472,000, or $0.08 per diluted share, compared to net income of $520,000, or $0.08 per diluted share, for the same period of the prior year.

Trailing Twelve Months
For the trailing twelve months ended June 30, 2022, compared to the trailing twelve months ended June 30, 2021, net sales were $33,720,000 compared to $33,957,000. Gross profit was $12,212,000, with gross profit margin of 36.2%, compared to $11,813,000 and 34.8%. Net income was $1,161,000, or $0.19 per diluted share, compared to net income of $1,302,000, or $0.21 per diluted share, which included $1,389,000 for the forgiveness of the loan under the Paycheck Protection Program.

Please review the Company’s Form 10-Q for the period ended June 30, 2022 for more detailed information.

About Cyanotech
Cyanotech Corporation, a world leader in microalgae technology for more than 30 years, produces BioAstin® Hawaiian Astaxanthin® and Hawaiian Spirulina Pacifica®. These all-natural, dietary ingredients and supplements leverage our experience and reputation for quality, building nutritional brands which promote health and well-being. The Company’s mission is to fulfill the promise of whole health through Hawaiian microalgae. Cyanotech’s BioAstin® offers superior antioxidant activity which supports skin, eye and joint health, as well as recovery from exercise*. Cyanotech’s Spirulina products offer nutrition that supports cardiovascular health and immunity*. All Cyanotech products are produced from microalgae grown at our 96-acre facility in Kona, Hawaii using patented and proprietary technology and are Generally Recognized as Safe (“GRAS”) for use in food products. Cyanotech sells its products direct to consumers at retail locations in the United States and online at www.nutrex-hawaii.com and also distributes to dietary supplement, nutraceutical and cosmeceutical manufacturers and marketers. The Company is regulated by the Food and Drug Administration. Visit www.cyanotech.com for more information.

*These statements have not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure or prevent any disease.

 

“Safe Harbor” Statement under the U.S. Private Securities Litigation Reform Act of 1995 Besides statements of present fact and historical fact, this press release may contain forward-looking statements. Forward-looking statements relate to the future and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by forward-looking statements. We caution against relying on forward-looking statements. Important factors that could change actual, future results include: changes in sales levels to our largest customers, weather patterns in Hawaii, production problems, risks associated with new products, foreign exchange fluctuations, and availability of financing, as well as national and global political, economic, business, competitive, market and regulatory conditions. Other factors are more fully detailed in the Company’s annual Form 10-K filings with the Securities and Exchange Commission.

Financial Tables Follow: The following tables do not contain footnotes or other information contained in the Company’s Form 10-Q for the first quarter fiscal 2023 ended June 30, 2022, which can be found on the Cyanotech website (www.cyanotech.com) under Investors>Investor Filings upon filing. As such, the following Financial Tables are provided only as a guide and other factors are more fully detailed in the Company’s annual Form 10-K filings with the Securities and Exchange Commission.

Metro reports 2022 third quarter results

By
IHR Magazine
-
0

 

“We are pleased with the performance of our food and pharmacy businesses in the third quarter, which was achieved in a challenging operating environment with increasing inflationary pressures as well as ongoing labour shortages that are impacting the supply chain and our operations. I want to thank our teams who strive to deliver the best value possible to customers in these inflationary times with our multiple formats, effective promotional strategies and strong private label offering. Finally, we are on track with our supply chain modernization program as the transition to our fully automated frozen food distribution center in Toronto is now complete and the ramp-up is progressing well”, declared Eric La Flèche, President and Chief Executive Officer.

METRO INC. announced its results for the third quarter of fiscal 2022 ended July 2, 2022.

2022 THIRD QUARTER HIGHLIGHTS

  •  Sales of $5,865.5 million, up 2.5%
  •  Food same-store sales up 1.1%
  •  Pharmacy same-store sales up 7.2%
  •  Net earnings of $275.0 million, up 9.0% and adjusted net earnings(1) of $283.8 million, up 8.7%
  •  Fully diluted net earnings per share of $1.14, up 10.7%, and adjusted fully diluted net earnings per share(1)
    of $1.18, up 11.3%

OPERATING RESULTS

SALES

Sales in the third quarter of Fiscal 2022 remained strong, reaching $5,865.5 million, up 2.5% versus elevated sales in the third quarter of 2021 due to the pandemic. Food same-store sales were up 1.1% (down 3.6% in 2021) versus the same quarter last year. Online food sales were flat versus last year (up 19.0% in 2021). Our food basket inflation was about 8.5% (5.0% in the previous quarter). Pharmacy same-store sales were up 7.2% (7.6% in 2021), with a 5.6% increase in prescription drugs supported by COVID-related activities such as the distribution of rapid tests and a 10.7% increase in front-store sales, primarily driven by over-the-counter products and cosmetics.

Sales in the first 40 weeks of Fiscal 2022 totalled $14,456.3 million, up 1.9% compared to $14,191.0 million for the corresponding period of 2021.

OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION

This earnings measurement excludes financial costs, taxes, depreciation and amortization.

Operating income before depreciation and amortization for the third quarter of Fiscal 2022 totalled $565.1 million, or 9.6% of sales, an increase of 5.9% versus the corresponding quarter of Fiscal 2021. Included in the third quarter of Fiscal 2022 are $7.7 million of direct costs related to the one-week labour conflict and new collective agreement ratification with our distribution center employees in Toronto offset by a non-recurring gain on the sale of assets of $8.7 million ($5.1 million in 2021). Operating income before depreciation and amortization for the first 40 weeks of Fiscal 2022 totalled $1,403.2 million or 9.7% of sales, up 5.6% versus the corresponding period of 2021.

Gross margin on sales for the third quarter and the first 40 weeks of Fiscal 2022 were 19.8% and 19.9% respectively,  the same percentages as the corresponding periods of 2021. A slight decline in our food division margin in the third quarter was compensated by a stronger pharmacy performance. The gross margin for the third quarter of Fiscal 2022 also included $5.3 million of direct costs related to the one-week labour conflict with our distribution center employees in Toronto.

Operating expenses as a percentage of sales for the third quarter of Fiscal 2022 were 10.1% versus 10.5% for the corresponding quarter of 2021 mainly due to the reduction in COVID-related costs. Operating expenses for the third quarter of Fiscal 2022 were impacted by $2.4 million of direct costs related to the one-week labour conflict and new collective agreement ratification with our distribution center employees in Toronto offset by a non-recurring gain on the sale of assets of $8.7 million ($5.1 million in 2021). For the first 40 weeks of Fiscal 2022, operating expenses as a percentage of sales were 10.2% versus 10.5% in 2021.

DEPRECIATION AND AMORTIZATION AND NET FINANCIAL COSTS

Total depreciation and amortization expense for the third quarter of Fiscal 2022 was $154.7 million versus $149.4 million for the corresponding quarter of 2021. This increase reflects the additional investments in supply chain and logistics as well as in-store technology. For the first 40 weeks of Fiscal 2022, total depreciation and amortization expenses were $383.5 million versus $367.5 million for the corresponding period of 2021.

Net financial costs for the third quarter of Fiscal 2022 were $35.8 million compared with $42.1 million for the corresponding quarter of 2021. For the first 40 weeks of Fiscal 2022, net financial costs were $92.3 million compared with $104.8 million for the corresponding period of 2021. The reduction is mainly due to lower debt, lower borrowing rates on new debt and higher capitalized interest.

INCOME TAXES

The income tax expense of $99.6 million for the third quarter of Fiscal 2022 represented an effective tax rate of 26.6% compared with an income tax expense of $89.7 million and an effective tax rate of 26.2% in the third quarter of Fiscal 2021. The 40-week period income tax expense of $246.6 million for Fiscal 2022 and $224.9 million for Fiscal 2021 represented an effective tax rate of 26.6% and 26.3% respectively.

NET EARNINGS AND ADJUSTED NET EARNINGS(1)

Net earnings for the third quarter of Fiscal 2022 were $275.0 million compared with $252.4 million for the corresponding quarter of 2021, while fully diluted net earnings per share were $1.14 compared with $1.03 in 2021, up 9.0% and 10.7% respectively. Excluding the specific item shown in the table below, adjusted net earnings(1) for the third quarter of Fiscal 2022 totalled $283.8 million compared with $261.2 million for the corresponding quarter of 2021, and adjusted fully diluted net earnings per share(1) amounted to $1.18 versus $1.06, up 8.7% and 11.3% respectively.

Net earnings for the first 40 weeks of Fiscal 2022 were $680.8 million compared with $631.7 million for the corresponding period of 2021, while fully diluted net earnings per share were $2.81 compared with $2.54 in 2021, up 7.8% and 10.6%, respectively. Excluding the specific item shown in the table below, adjusted net earnings(1) for the first 40 weeks of Fiscal 2022 totalled $702.7 million compared with $653.6 million for the corresponding period of 2021, and adjusted fully diluted net earnings per share(1) amounted to $2.90 versus $2.63, up 7.5% and 10.3%, respectively.

Net earnings adjustments(1)

NORMAL COURSE ISSUER BID PROGRAM

Under the current normal course issuer bid program, the Corporation may repurchase up to 7,000,000 of its Common Shares between November 25, 2021, and November 24, 2022. Between November 25, 2021, and July 29, 2022, the Corporation repurchased 3,800,000 Common Shares at an average price of $67.38, for a total consideration of $256.0 million.

DIVIDENDS

On August 9, 2022, the Board of Directors declared a quarterly dividend of $0.275 per share, the same amount declared last quarter.

FORWARD-LOOKING INFORMATION

We have used, throughout this report, different statements that could, within the context of regulations issued by the Canadian Securities Administrators, be construed as being forward-looking information. In general, any statement contained herein that does not constitute a historical fact may be deemed a forward-looking statement. Expressions such as “predict”, “expect” and other similar expressions are generally indicative of forward-looking statements. The forward-looking statements contained herein are based upon certain assumptions regarding the Canadian food and pharmaceutical industries, the general economy, our annual budget, as well as our 2022 action plan.

These forward-looking statements do not provide any guarantees as to the future performance of the Corporation and are subject to potential risks, known and unknown, as well as uncertainties that could cause the outcome to differ significantly. The arrival of a new competitor is an example of the risks described under the “Risk Management” section of the 2021 Annual Report which could have an impact on these statements. As with the preceding risks, the COVID-19 pandemic constitutes a risk that could have an impact on the business, operations, projects and performance of the Corporation as well as on the forward-looking statements contained in this document.

We believe these statements to be reasonable and pertinent as at the date of publication of this report and represent our expectations. The Corporation does not intend to update any forward-looking statement contained herein, except as required by applicable law.

NON-IFRS MEASUREMENTS

In addition to the International Financial Reporting Standards (IFRS) earnings measurements provided, we have included certain non-IFRS earnings measurements. These measurements are presented for information purposes only. They do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measurements presented by other public companies.

ADJUSTED OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION, ADJUSTED NET EARNINGS AND ADJUSTED FULLY DILUTED NET EARNINGS PER SHARE

Adjusted operating income before depreciation and amortization, adjusted net earnings and adjusted fully diluted net earnings per share are earnings measurements that exclude some items that must be recognized under IFRS. They are non-IFRS measurements. We believe that presenting earnings without these items, which are not necessarily reflective of the Corporation’s performance, leaves readers of financial statements better informed as to the current period and corresponding prior year’s period’s operating earnings, thus enabling them to better perform trend analysis, evaluate the Corporation’s financial performance and judge its future outlook. The exclusion of these items does not imply that they are non-recurring.

OUTLOOK(2)

We continue to face higher than normal inflationary pressures and labour shortages, and it is difficult to predict how long this situation will last. If prolonged, this environment could put pressure on margins. In the short term, we expect same-store food sales to grow at a higher rate than in recent quarters as we are now cycling periods of last year without significant pandemic restrictions. On the pharmacy side, we expect growth in prescriptions to moderate versus year-to-date levels given the high number of visits to physicians in the fourth quarter of last year. We also expect front-of-store revenues to remain strong, namely driven by over-the-counter product sales.

Inflation Hits Organic Fresh Produce in Q2; Sales Increase 3.7 Percent, Volume Declines 2.8 Percent

By
IHR Magazine
-
0

 

Higher retail prices of organic fresh produce during the second quarter of 2022 generated a 3.7 percent increase in total organic dollars but also contributed to a decline in the organic volume of 2.8 percent, according to Q2 2022 Organic Produce Performance Report issued by the Organic Produce Network (OPN) and Category Partners.

Overall, organic fresh produce pricing increased by 6.7 percent for Q2/2022 compared to the same period last year, with sales for the quarter topping $2.4 billion.

At the same time, conventional produce’s average price increased by more than 9 percent compared to the same period last year, with total sales of $18.1 billion. The Q2 2022 Organic Produce Performance Report uses Nielsen IQ syndicated data to track and report the performance of organic fresh produce—and specifically the top 20 leading organic categories.

The report suggests consumers are watching grocery spending carefully as inflation often takes its toll on higher-priced items, which would include many organic fresh produce items. “Seeing a decline in organic volume for Q2 suggests food budgets are under stress in many US households,” said Tom Barnes, CEO of Category Partners. “It’s common to see budget-centric consumers trade down, substituting for lower-priced conventional items or shifting from a high-priced organic item to a cheaper organic alternative from another category.”

Barnes believes organic substitution explains why organic bananas had a particularly strong quarter in Q2. “Bananas are one of the lowest-priced organic fruits and have the smallest price spread between conventional and organic. For the quarter, while nearly every other organic fruit declined in volume, bananas increased in both dollars (+4.3 percent) and volume (+4.0 percent). So for budget-focused consumers still wanting to buy organic, bananas provided a cost-effective option. Suppliers need to be aware of shifting consumer purchase drivers and develop strategies to keep shoppers buying,” he said.

Geographically, all four regions of the US showed increases in sales and decreases in volume for the quarter. Organic performance during Q2/2022 was weakest in the Northeast, where dollars increased by a mere 0.4 percent, and volume fell by 6.1 percent. The South continues to show the most improvement year over year, and with a fairly low ACV compared to the Northeast and West, data suggests the South is poised for continued growth.

Despite the minor decline in volume, OPN Co-founder and CEO Matt Seeley is bullish on the long-term prospects for the growth of organic fresh produce. “While there are likely some difficult months ahead, the long-term potential for continued organic fresh produce growth remains unchanged,” Seeley said. “Inflation and supply chain challenges have impacted pricing in the short term; however, organic fresh produce will remain an important component of weekly food shopping as consumers look for healthy, safe, and nutritious products for their families.”

Read more: https://www.perishablenews.com/produce/inflation-hits-organic-fresh-produce-in-q2-sales-increase-3-7-percent-volume-declines-2-8-percent/

D2Fit Nutrition Taps Into the Power of Collagen and Biotin for Better Workout Results

By
IHR Magazine
-
0

 

Fitness is a complex word. It’s often associated with exercise — and rightly so. The ability to work out, burn calories, and build muscle are all part of a good fitness routine. But a quality regimen needs to go further than caloric output. It also needs to incorporate the right foods and supplements into the mix.

That’s why Dance2Fit founder Jessica Bass James launched her spin-off brand, D2Fit Nutrition.

The industry fitness leader spent the last few years amassing an international audience for her Dance2Fit program. Many of her followers regularly tune in for live online sessions led by James herself. Others attend local chapters of the fitness brand run by certified Dance2Fit instructors. “We were working on the remote fitness option far before the pandemic was a factor,” James explains, “Our hybrid approach to exercise and fitness allows anyone to participate, whether it’s in person or from the comfort of their living room.” The health and fitness guru goes on to explain what drove her decision to start D2Fit Nutrition, “I knew there had to be more than just a good exercise routine to help these amazing women stay fit over the long haul. They needed the fuel to keep the fire going.”

The Dance2Fit crowd is primarily made up of, in the words of James, want to “women who want to look and feel their best.” This larger calling to foster genuine, long-term health is why James created D2Fit Nutrition. The range includes a whey protein option, a 4-in-1 daily kickstart, and a multi-collagen preworkout formula.

The last item comes from James’ own unique “special blend”of collagen and biotin. The latter is a B complex vitamin that helps the body source energy from the food it consumes. Collagen is also associated with key fitness goals, such as muscle mass, addressing joint pain, and even weight loss.

Both biotin and collagen have also been connected to healthy hair, skin, and nails. This dual impact on exercise and appearance makes the D2Fit Multi Collagen Preworkout an ideal way to boost energy, focus, and endurance in the short term while also enhancing long term skin, hair, nail, and joint health. To top it off, the formula comes in a delectable sour gummy flavor that makes it as easy to consume as it is effective to use.

James’ goal throughout her company’s rise to notoriety has been to help improve the lives of women around the world. She is excited to continue to do so on a daily basis, whether that’s through a lively online exercise session, an effective fitness supplement, or a combination of the two.

Afresh Secures $115 Million in Series B Funding

By
IHR Magazine
-
0

 

Afresh Secures $115 Million in Series B Funding and Rolls Out its Fresh Food Technology to Thousands of Stores Across the US

Afresh, the leading AI-powered fresh food technology provider, today announced a $115 million Series B funding round led by Spark Capital and with participation from Insight Partners, VMG Partners, and Bright Pixel Capital. Walter Robb, senior executive partner at S2G Ventures and former co-CEO of Whole Foods Market also joins the round. All prior investors, including Maersk Growth, High Sage, and Innovation Endeavors also participated in the round, bringing the company’s total funding to $148 million.
“Food, more so than anything else, shapes the health of people and our planet. We founded Afresh with the purpose of eliminating food waste and making nutritious food more accessible. We’re thrilled to use this capital to expand the scale and scope of our Fresh Operating System,” says Matt Schwartz, co-founder and CEO of Afresh.

Afresh will use the investment to scale across thousands more stores and expand the footprint of its Fresh Operating System, an efficient, flexible solution for forecasting, inventory, ordering, and store operations, to support new fresh categories like meat and bakery. The funding will also be used to grow Afresh’s team and expand internationally to Europe.

Aiming to serve 10% of U.S. grocery stores by the end of 2022, Afresh tripled its customer base in 2021, signing regional chains like CUB and national chains like Albertsons, with plans to roll out to more than 2,300 Albertsons stores by the end of 2022. On average, stores using Afresh reduce food waste by 25% or more. They also see a 2-4% increase in top-line revenue growth and have a 40% or more increase to their produce operating margin.

“The transformative results that Afresh provides are not only seen in grocers’ bottom lines, but also extend to the impact on our planet through the reduction of food waste,” said Will Reed, General Partner at Spark Capital. “We’re proud to support Afresh through their next stage of growth as they continue on their mission to curb climate change and improve our ability to feed the world in healthy ways.”

Afresh’s mission is to eliminate fresh food waste and increase access for all. Food waste is an enormous problem in the U.S. and worldwide, and studies have shown that about 40% of all food in the U.S. is thrown away. Project Drawdown cites reducing food waste as the number one lever to curb climate change. Afresh is on track to help retailers save 34 million pounds of food waste by the end of 2022.

“Afresh is building a tool for the modern age that not only helps grocers manage fresh categories more effectively but also cuts down on food waste at the retail level, which amounts to 30-35% wasted annually,” said Robb. “Additionally, I was impressed by how closely Afresh partners with store teams to ensure its technology is not only easy but empowering to use, effectively enabling grocers to serve the freshest food to their customers.”

1...535455...389Page 54 of 389

EDITOR PICKS

POPULAR POSTS

POPULAR CATEGORY

© 2026 IHR Magazine | Canada's Natural Health Industry Authority | Le guide de l’industrie canadienne de la santé naturelle